4 November - Day 2
07.30 Full English Breakfast is served in the Goodwood Bar & Grill
09.25 Opening remarks from the Chair
09.30 Behind the mask - Delving deeper into the psychology of fraud
We deceive all the time. We will talk briefly about the scope of the problem for insurance fraud and discuss the mechanisms designed to prevent insurance fraud that are in place now. We will look at their failings and examine the reasoning behind them.
After we have established these foundations, David will focus on his recent research exploring the mechanisms designed to deter insurance fraud. These solutions have been pilot-tested and provide some insight into the psychology of deception. We will then focus on practical lessons derived from this empirical research, finishing up with a Q&A.
10.15 Extrapolating from the evidence - What do we really know about fraudsters?
This session will describe some of the more recent and perhaps lesser-known psychological theories to describe fraudster behaviours and will go through case study evidence and the theory in practice, giving you a whistle-stop tour of the psychology of fraudsters.
- Learn what types of fraudster are out there, and understand their profiles.
- Discover what similarities and differences exist across different groups of fraudsters.
- Explore the developmental pathways of offenders which may lead to prolific problem patterns.
Crucially, this session will allow you to apply these insights in order to guide, inform, and enhance your counter-fraud strategies...
10.50 Collaboration Station
While it is fantastical to believe insurers can talk to one another about everything, we need to engage within a wider group to change the fraud landscape, as opposed to each of us fighting our own individual battles.
This series of brainstorm sessions will get to grips with the key collaboration challenges that we have to face head on, in order to win the war on fraud.
What can we be doing together to identity and effectively tackle the issues that emerge?
Station 1 - Consistency and a joined-up approach: What are we calling for?
The Insurance Fraud Task Force championed consistency and collaboration, but more change must be driven forward and agreements must be made on what change looks like.
- How do we achieve this enhanced awareness and consistency?
- What does a consistent approach look like in practice?
- How do we galvanise the industry to have the will to work towards this goal?
- Does there truly need to be a more joined-up industry approach when it comes to fraud?
- Are we seeing more cohesion in the counter-fraud space today?
Station 2 - Collaboration with the broking community and other industry partners
The majority of policyholder fraud is not cold and calculated, but a toxic mix of avarice and stupidity. We as an industry must explore how to work better together, to step in long before the first notification of a loss and nip fraud in the bud.
- What does first-party, policyholder fraud look like; how do we spot it, how do we stop it, and how do we break the toxic cycle of avarice and stupidity?
- How can brokers help you as insurers to avoid fraud, and what should they be looking for?
- Do insurers have a responsibility to educate their brokers to spot fraudsters, to overcome future difficulty for you and to stop fraud at the earliest of stages?
- How do we improve trust between insurers and brokers, to streamline and broaden out the counter-fraud process?
David Lamping, head of claims, Cooke & Mason
Linda Rees, head of underwriting fraud, ERS
Station 3 - Joining forces with the banking industry and non-insurer partners
- How do we foster cross-sector collaboration towards our common goals?
- What strategies can we use to get the buy-in from the banking industry?
- What can we learn from the banking sector, and vice versa?
- How does the banking industry perceive fraud, and what does this mean for our counter-fraud strategies?
Hear the conclusions from the sessions you were not involved in, with each moderator feeding back their group's thoughts.
12.00 Closing remarks from the Chair
12.10 Close of the Summit